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383 Nigerian Tech Startups Raised Over $2b in 7 Years, Report says

The Nigerian startup ecosystem has recorded a significant amount of growth in terms of investments, with Lagos taking the lead.

According to a report, about 383 Nigerian tech startups raised a combined $2 billion in funding between January 2015 and August 2022 more than any other country within that period across Africa.

Disrupt Africa, a research platform that covers news on African tech startups, disclosed this in its recent report titled “The Nigerian Startup Ecosystem Report 2022”.

The report tracks the growth and development of Nigeria’s tech startup ecosystem from 2015 to August 2022 based on data extracted from a list of 481 Nigerian tech startups.

The report said Nigeria is one of Africa’s “big four” startup ecosystems alongside Egypt, Kenya, and South Africa.

“Between 2015 and 2022, 383 tech startups raised a combined $2,068,709,445 a higher total than any other country,” the report said.

It said as of August 2022, 107 Nigerian startups have raised funding accounting for around one-third of the continent’s funded startups so far this year.

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